LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global sandalwood oil market predicts a CAGR of around 10% during the period 2018-2022.
The report segments the global sandalwood oil market based on the type of products (Indian sandalwood oil, and Australian sandalwood oil), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global sandalwood oil market, according to Technavio researchers:
- Numerous benefits offered by sandalwood oil: a major market driver
- Rising demand for aromatherapy: emerging market trend
- The Americas dominated the global sandalwood oil market with 40% share in 2017
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Numerous benefits offered by sandalwood oil: a major market driver
Numerous benefits offered by sandalwood oil is one of the major factors driving the global sandalwood oil market. Sandalwood oil exhibits antiseptic, anti-inflammatory, diuretic, antispasmodic, and cicatrizing properties. It is used as an astringent, carminative, disinfectant, and emollient. Also, it works as an expectorant, hypotensive agent, memory booster, and sedative.
According to a senior analyst at Technavio for food research, “Sandalwood oil exhibits excellent antiseptic properties and is safe for internal and external applications. It protects internal wounds and ulcers from infections. It also prevents wounds, boils, sores, and pimples from infections and sepsis.”
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Rising demand for aromatherapy: emerging market trend
Several holistic beauty experts endorse the therapeutic effects of sandalwood oil on the skin. It is suitable for all skin types and is one of the most popular essential oils used in aromatherapy. Pure sandalwood oil can be used as a carrier oil in aromatherapy or massage therapy.
Some of the health benefits of aromatherapy include its ability to reduce depression and anxiety. It boosts energy levels, enhances cognitive performance, eliminates headaches, and speeds up the healing process. Also, it induces sleep, strengthens the immune system, reduces pain, improves digestion, and increases blood circulation. India, China, Japan, France, the UK, and the US are some of the major countries that have popularized aromatherapy.
Global market opportunities
In terms of regional dominance, APAC dominated the global sandalwood oil market with a market share of around 69%, followed by the Americas and EMEA in 2017. APAC is expected to maintain its dominance over the market during the forecast period by witnessing an increase in its market share while the other two regions will witness a marginal decrease in their market share.
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